One of the Obama administration's final major labor regulations could deprive millions of retirement savers investment advice from financial professionals, according to a new report.

The Department of Labor proposed the Fiduciary Rule in April 2015, which would allow regulators to oversee the relationship between retirement account advisors and their clients to ensure that the former were completing trades for the sole interest of their clients. The rule was approved in 2016 under the leadership of Labor Secretary Tom Perez, now the head of the Democratic Party.

"In 2016, the Department took a historic step to protect the savings of America's workers—the conflict of interest rule makes sure that professionals providing retirement investment advice have to give advice that’s in the best interest of their clients and not divert their clients' hard-earned income into their own pockets through hidden fees and conflicted advice," Perez said in an exit memo published on the White House website.

The Chamber of Commerce's Center for Capital Markets Competitiveness said in a new report that the regulation will have unintended consequences that could drive up costs for workers saving for retirement and prevent small investors from receiving financial advice from professionals. The regulation would give financial firms incentives to move away from commission-based management to fee-based management, which could hinder those with smaller accounts from gaining access to retirement advice because of the "substantial threat of unwarranted litigation."

The report found that "up to 7 million individual retirement account (IRA) owners could lose access to investment advice altogether" and that 92 percent of investment firms "could limit or restrict investment products for their customers, which could ultimately effect some 11 million households." The report is based off of a comprehensive collection of surveys and data gathered by independent and industry groups, as well as public comments submitted to the Labor Department after it introduced the rule. It concludes that the department "underestimated the negative effects of the rule, particularly in reducing access to advice for small retirement savers and small businesses."

"The theoretical academic exercises underlying the Rule are giving way to hard evidence, and the evidence is coming in showing that the rule is harming American investors. This new data, based on actual experience, demonstrates that the DOL's original predictions were wrong," the report says. "The DOL has overstepped both its jurisdiction and its expertise."

President Trump ordered the department to review the rule in February as part of his deregulation agenda. Opponents of the rule hoped that Labor Secretary Alexander Acosta would delay its implementation. Rep. Phil Roe, a member of the House Committee on Education and the Workforce, and 123 other congressmen sent a letter to Labor Secretary Alexander Acosta on May 2 urging him to "delay this rule in its entirety."

Acosta indicated in a Wall Street Journal op-ed that the department would move forward with the rule, while leaving open the possibility of amending it. He said that he would follow through on Trump's call for a review of the regulation and seek additional public comment and input from the industry, as well as financial watchdogs.

"Respect for the rule of law leads us to the conclusion that this date cannot be postponed," he wrote. "Trust in Americans' ability to decide what is best for them and their families leads us to the conclusion that we should seek public comment on how to revise this rule."

Congressional Republicans have been critical of Acosta's decision to move forward with the rule. Rep. Virginia Foxx (R., NC), chairwoman of the House Committee on Education and the Workforce, said that delaying implementation "does not provide the relief workers and families urgently need from a deeply flawed rule."

"If this is the path the department is determined to take, then it must quickly develop a responsible solution for dealing with a regulatory scheme that will make it harder and more costly for low- and middle-income families to save for retirement," Foxx said in a statement. "The last administration inflicted a lot of pain on workers, families, and small businesses, and it is going to take bold leadership to undo the damage that's been done and pursue a better course.‎"

Former President Barack Obama has issued a statement about ( Otto Warmbier), American college student who died this week, days after being released from (North Korea) in a coma after more than a year in captivity.

“During the course of the Obama Administration, we had no higher priority than securing the release of Americans detained overseas,” Obama spokesman Ned Price said in the statement. “Their tireless efforts resulted in the release of at least 10 Americans from North Korean custody during the course of the Obama administration.”

Former President Barack Obama has issued a statement about ( Otto Warmbier), American college student who died this week, days after being released from (North Korea) in a coma after more than a year in captivity.

“During the course of the Obama Administration, we had no higher priority than securing the release of Americans detained overseas,” Obama spokesman Ned Price said in the statement. “Their tireless efforts resulted in the release of at least 10 Americans from North Korean custody during the course of the Obama administration.”

Former President Barack Obama has issued a statement about ( Otto Warmbier), American college student who died this week, days after being released from (North Korea) in a coma after more than a year in captivity.

“During the course of the Obama Administration, we had no higher priority than securing the release of Americans detained overseas,” Obama spokesman Ned Price said in the statement. “Their tireless efforts resulted in the release of at least 10 Americans from North Korean custody during the course of the Obama administration.”

President Obama May be Breaking the Logan Act By Conniving with Foreign GovernmentsGP ^ | 07/05/17 | Jim Hoft Posted on 7/5/2017, 9:40:34 AM by Enlightened1

President Obama is engaged in acts that may go against the Logan Act which prohibits Americans from committing treason by acting with other governments against the US.

A summary of the Logan Act follows:

The Logan Act (18 U.S.C.A. § 953 [1948]) is a single federal statute making it a crime for a citizen to confer with foreign governments against the interests of the United States. Specifically, it prohibits citizens from negotiating with other nations on behalf of the United States without authorization.

Congress established the Logan Act in 1799, less than one year after passage of the Alien and Sedition Acts, which authorized the arrest and deportation of Aliens and prohibited written communication defamatory to the U.S. government. The 1799 act was named after Dr. George Logan.

Disgraced President Obama ended his Presidency with the worst economic results since the early 1900’s and the Middle East on fire but this has not stopped him from meddling in foreign affairs with foreign governments around the world. For example, last week President Trump met with the leader of South Korea and this week fallen President Obama arranged a meeting the Korean leader. If the President discussed any topics related to US policy which do not agree with President Trump’s policies, the discredited former President likely broke the law.

Former President Barack Obama has issued a statement about ( Otto Warmbier), American college student who died this week, days after being released from (North Korea) in a coma after more than a year in captivity.

“During the course of the Obama Administration, we had no higher priority than securing the release of Americans detained overseas,” Obama spokesman Ned Price said in the statement. “Their tireless efforts resulted in the release of at least 10 Americans from North Korean custody during the course of the Obama administration.”

(Excerpt) Read more at yahoo.com ...

Lol, the fact Obama is issuing a statement is sad in itself on such a matter, only shows he needs to spin the issue to get himself out of ridicule for being a pussy weak president.

Donald Trump faced criticism on Tuesday for a speech to the annual Boy Scouts of America jamboree in West Virginia in which he urged his audience of 12- to 18-year-olds to boo Hillary Clinton and Barack Obama, pitched for Republican healthcare reform and bragged, again, about the size of his electoral college victory.

While national voices criticised Trump’s injection of politics into a notionally apolitical event, parents of scouts responded with unadorned scorn.

One user of the Boy Scouts of America Facebook page posted: “As a Cub Scout den leader and mom of 2 scouts, I am livid … Make my boys and I proud to be part of Boy Scouts instead of embarrassed!”

Early in his remarks, Trump seemed poised to follow tradition and remain nonpartisan and upbeat.

“Tonight we put aside all of the policy fights in Washington DC you’ve been hearing about,” he said, before a crowd of more than 40,000. “Who the hell wants to speak about politics?”

But his rhetorical detente didn’t last long, as Trump seemingly couldn’t resist the temptation of going through some of the greatest hits from the raucous rallies he held on the campaign trail and has continued to stage while in office. By early Tuesday morning, it was clear this was deeply unpopular with parents, leading some to question their continued association with the organization.

“Son was in Cub Scouts and my husband was a den leader,” wrote one Facebook user. “It’s going to hurt to explain to those Cub Scouts why I can’t support their troop this year … but I’ll do it.”

Highest on the list of grievances among parents seemed to be Trump having told a rambling story about parties thrown by “New York’s hottest people” and the segregationist builder William Levitt, and his encouragement of booing of Clinton and Obama – the latter once a Boy Scout himself.

“I was horrified that Trump would address the scouts at jamboree with inappropriate stories and booing – booing! – a past president,” wrote the mother of an Eagle Scout, the organization’s highest rank.

Trump is the eighth president to attend the National Scout Jamboree, which is typically held every four years. Obama did not attend a jamboree but he did address a 100th anniversary event in 2010 by video. Each president serves as honorary president of the Boy Scouts of America.

The organization said in a statement that it does not promote any political candidate or philosophy.

Regardless of that stance, Trump used his soapbox to attempt to rally support for repeal of the Affordable Care Act, the signature legislative achievement of his predecessor on which many West Virginia residents have come to depend for access to health insurance.

Trump jokingly threatened to fire his health secretary, Tom Price, another former Boy Scout, if an impending vote to repeal the act was not successful.

“Hopefully he’s going to get the votes tomorrow to start our path toward killing this horrible thing known as Obamacare,” Trump said, before turning to Price.

after the cringe worthy speech the boy scouts said in a statement that the group was “wholly nonpartisan and does not promote any one position, product, service, political candidate or philosophy.” The organization added that its traditional speaking invitation to a sitting president was “in no way an endorsement of any political party or specific policies.”

after the cringe worthy speech the boy scouts said in a statement that the group was “wholly nonpartisan and does not promote any one position, product, service, political candidate or philosophy.” The organization added that its traditional speaking invitation to a sitting president was “in no way an endorsement of any political party or specific policies.”